Red Bank Real Estate Attorney Secures $100,000,000 Closing on Two Gold Coast Hotels

Red Bank Real Estate Attorney Secures $100,000,000 Closing on Two Gold Coast Hotels

Little Falls, NJ – May 10, 2023 – Partner and Chair of the firm’s Commercial Real Estate Law Section, Donald M. Pepe was successful in the closing of two premiere hotel properties located along the Gold Coast in Weehawken, NJ. The transaction, valued at $100,000,000, includes the acquisition of the Marriott Residence Inn and Envue, part of the Marriott Autograph Collection of Hotels.

“Hotel acquisitions are complicated as it is, but this transaction was particularly challenging, given the condominium structure of the properties and having to navigate the complex ownership structure,” stated Mr. Pepe. “Regardless of these obstacles, we were able to move the purchase forward and I am proud to have been involved in another project that enhances the Gold Coast,” he continued.

Mr. Pepe represented the buyers, Green Crystal Hospitality, LLC and Crystal & Diamond LLC, a subsidiary of Navika Group. Navika is a long-time client of Partner Howard D. Bader. Mr. Bader added his sense of pride in seeing a startup he has worked with for decades reach the highest echelons in hotel ownership and management: “With the addition of these two properties, together with the Hyatt Centric hotel on Wall Street that we closed on last year for Navika, this client is now poised to be one of the largest premiere hotel owner/operators on the East Coast. ”

This successful transaction comes off the heels of several notable achievements from Mr. Pepe in recent months. He recently secured approval on behalf of NY Vue for what will be the tallest building in Bayonne, NJ. NJBIZ recently named Mr. Pepe a Leader in Law and ROI-NJ named him an Influencer in Law for his numerous contributions to the redevelopment of the Gold Coast.   

About our Commercial Real Estate Practice

Our commercial real estate practice group routinely represents public, private, and institutional clients, assisting them in every aspect of the acquisition, development, financing, construction, and utilization of real property assets. Our real estate attorneys work closely with our environmental attorneys, who are recognized for securing development rights for some of the largest office, retail, industrial, and multi-family development and redevelopment projects in the region.

More information on the firm’s real estate practice can be found on our practice page: https://scarincihollenbeck.com/practices/commercial-real-estate